Increase in Demand for Energy-efficient and Green Products to Augment Market Growth
Photonics continues to play an imperative role in accelerating innovations in broad spectrum of industries. The widening applications of photonics, including lighting & displays, optical data transmission, and imaging across several end-use industries such as healthcare, security & safety, agriculture, etc., is a critical factor that is expected to drive the global photonics market during the forecast period. Advancements made in the field of photonics continue to address shortcomings such as accuracy, speed, and capacity put forward by conventional technologies due to which, the photonics market is on course to witness a steady growth in the upcoming years.
Increasing emphasis on leveraging advancements in technology to improve quality and performance of modern-day photonics is one of the most essential factors likely to fuel the growth of the global photonics market during the assessment period. The number of numerical and experimental investigations pertaining to photonics has increased and the trend is set to continue during the forecast period. In the wake of the increasing demand for energy-efficient products, the photonics market is slated to witness growth, owing to its clean and green characteristics.
At the back of these factors, along with swelling investments toward improvement of public health particularly in developing regions, the global photonics market is expected to surpass the US$ 1.4 Trn mark by the end of 2030. The rising usage of photonics in the IT sector and widening applications across consumer electronics sphere are projected to play a key role in augmenting the global photonics market during the stipulated timeframe of the study.
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Increasing Application of Photonics in Various Industries to Propel Market
Due to considerable focus on research and development activities, the adoption of photonics across various end-use sectors is expected to witness exponential growth during the forecast period. The healthcare sector is anticipated to provide a number of lucrative opportunities to the players operating in the current photonics market landscape. The exceptional ability of light to measure and detect objects with high precision is likely to fuel the adoption of photonics in the healthcare sector– a step that has the potential to revolutionize the healthcare ecosystem in the upcoming years.
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The rapid progress in bio photonics in medical sciences for early detection of various diseases by utilizing point-of-care applications and non-invasive imaging techniques is set to propel the global photonics market during the assessment period.
While the healthcare sector is estimated to provide fertile grounds for growth to the players operating in the current market landscape, market players are expected to tap into opportunities within the energy sector. The increasing usage of photonics in advanced lighting technology, including solid state lighting (SSL) for general lighting applications is another factor anticipated to fuel the expansion of the photonics market during the forecast period. The growing focus on improving the performance of SSL by deploying intensive manufacturing and research activities is expected to drive the demand for photonics in the upcoming decade, which, in turn, would impact the growth of the photonics market.
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Scientists Explore Potentials of Photonics in Combating COVID-19
The onset of the COVID-19 pandemic is anticipated to have a strong impact on the overall growth of the global photonics market during the first half of the forecast period. Research and development activities conducted by bio photonic researchers have increased since the first quarter of 2023. Considerable efforts are being made to enlist cutting-edge technologies, including photonics as an effective treatment to treat various diseases and viruses such as the novel coronavirus. Researchers from various regions of the world are increasingly focusing on addressing the dire needs of accurate and rapid testing of COVID-19 patients by leveraging the advancements in photonics, thus offering lucrative opportunities to the players operating in the current photonics market landscape.
Photonics Market: Overview
- According to Transparency Market Research’s latest research report on the global photonics market for the historical period 2018–2019 and the forecast period 2023–2030, the increasing usage of photonics in consumer electronics and media & telecommunication sectors to transmit data over long distances in a fraction of time in information technology and communication applications is estimated to boost the global photonics market during the forecast period
- In terms of revenue, the global photonics market is expected to exceed value of US$ 1.4 Trn by 2030, expanding at a CAGR of ~8% during the forecast period
Need of Energy-efficient Products: A Key Driver
- All around the world, scientists, engineers, and technicians perform cutting edge research in the field of photonics to develop energy efficient products
- Contribution of photonics is considered as green, if it generates or conserves energy, reduces pollution, yields an environmentally sustainable outcome, or improves public health
- Green photonics products are used in various applications such as clean energy through photovoltaic technology, solid-state lighting for energy saving, and photonics for environmental sensing
- Growing importance of energy efficient products in the photonics field has led to organizations such as OIDA (Optoelectronics Industry Development Association) and OSA (Optical Society of America) to study and prepare a special report on green photonics
- Thus, increasing demand for small size ultrasonic sensors in the automotive and robotics field is projected to have a positive impact on the global photonics market during the forecast period
- Photonic devices are manufactured using several components, such as photonic crystals, photonic metamaterials, and flexible photonics, and other optical components, which are supplied by multiple vendors
- Cost of the final product and profitability depends on availability, price of raw materials and components, and time required to launch the final product in the market
- Multiple manufacturers operating in the market are facing major challenges to increase their manufacturing capabilities, provide enhanced quality products, as well as reduce the overall cost of production
- This factor is projected to have a moderately negative impact on the global photonics market during the forecast period
Increase in Adoption of Photonics Products in IT Applications
- Photonic products are significantly used in consumer electronics and Information & technology (IT) applications, owing to their capability to transmit data over long distances in a fraction of the time
- In the IT field, Internet services are used for multiple purposes such as for sending e-mail, for Internet browsing, social media applications, etc. Photonics plays a huge role in performing all these applications quickly.
- Use of optics and photonics in IT applications has increased the capacity of the Internet by nearly 10,000-fold over the past two decades
- Moreover, with rise in the use of Internet, bandwidth demand is expected to grow another 100-fold, and possibly more, over the next 10 to 20 years
- Thus, growing adoption of photonics products in IT applications is anticipated to drive the expansion of the global photonics market during the forecast period
Photonics Market: Key Developments
- Key providers of photonics, such as American Elements, Corning, Inc., Hoya Corporation, and Schott AG are focusing on the construction of cost-effective photonics to attract more customers. Some other key developments in the global photonics market are highlighted below:
- In 2023, Corning Inc. launched varioptic liquid lenses – A-58N, designed specifically for variable focus. A-58N variable focus lens is well suited for industrial vision and optical equipment.
- In July 2023, Hoya Corporation launched sensitive fast light reactive lenses in the photochromic category, which rapidly changes from dark to clear
- In September 2023, Schott AG acquired INCOM, Inc.’s MEGAdraw business. With this acquisition, Schott expands its portfolio of fiber optic imaging technologies at its Lighting and Imaging production site in Southbridge.
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